|Bid||35.79 x 1800|
|Ask||35.80 x 900|
|Day's Range||35.25 - 36.10|
|52 Week Range||31.46 - 41.90|
|Beta (3Y Monthly)||1.39|
|PE Ratio (TTM)||5.86|
|Earnings Date||Feb. 5, 2020|
|Forward Dividend & Yield||1.52 (4.33%)|
|1y Target Est||47.33|
The United Auto Workers (UAW) union said on Wednesday that rank-and-file members at Fiat Chrysler Automobiles NV have voted in favour of a new four-year labour contract with the automaker, helping the Italian-American firm avoid a strike as it works to merge with France's Groupe PSA . Fiat Chrysler (FCA) and PSA, the maker of Peugeot and Citroen, in October announced a planned $50 billion merger to create the world's fourth-largest automaker. FCA's 47,200 rank-and-file UAW members voted 71% in favour of the new contract.
Ammann did not elaborate on Cruise’s plans in his post. Cruise on Wednesday said it would offer more details at an event in San Francisco on Jan. 21. Cruise previously announced a partnership with Honda Motor Co to develop a purpose-built autonomous vehicle for use in ride-sharing.
(Bloomberg) -- Talk about biting the hand that feeds.Dan Ammann, the chief executive officer of a self-driving car startup majority owned by General Motors Co., on Wednesday called solo drivers of gasoline-powered cars “the fundamental problem” behind pollution, congestion and vehicle crashes. His complaint is ironic since as recently as January, Ammann was president of GM, which derives much of its profits from gas-guzzling SUVs and trucks, few of which are owned by commuters who regularly carpool.“Imagine if someone invented a new transportation system and said, ‘I’ve designed a new way of getting around: it’s powered by fossil fuels that will pollute our air. It will congest our cities to the point of inciting rage in its users. Its human operators will be fallible, killing 40,000 Americans — and more than a million people around the world — every year,’” Ammann wrote in a blog post. “You’d say, ‘You’re crazy.’”As head of Cruise LLC, Ammann, 47, is looking to promote the idea that electric, self-driving vehicles purpose built for ride-sharing are the best cure for modern-day urban transportation woes. His old boss, GM CEO Mary Barra, has echoed those comments, but also stressed the need to make money on the company’s current lineup to pay for that transformation to a more sustainable future.GM funds Cruise with $1 billion a year, which it can afford to do thanks to the fat profit margins earned from sales of vehicles like the Chevrolet Tahoe SUV, a revamped and much-larger version of which the company showed off on Tuesday. Notably, the 2021 model lacks an optional electric powertrain or self-driving technology, though GM does have electric SUVs in the works.Meanwhile, Cruise will miss its original goal to launch a self-driven ride-sharing service by the end of this year, something the venture now plans to introduce at an unspecified date.To contact the reporter on this story: David Welch in Southfield at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Like many Uber drivers in Sao Paulo, the ride-hailing app's busiest city in the world, Augusto Caio Pereira does not actually own or lease the car he nudges through the city's notorious traffic jams every day. Instead, he rents Brazil's best-selling car, the Chevrolet Onix hatchback, for 390 reais (£72.44) a week from Localiza Rent a Car, the country's largest rental company. Pereira lost his job at a law firm a few months ago, joining Brazil's 12 million unemployed.
General Motors Co could expand the lineup of vehicles using its large truck and sport utility vehicle architecture and sees big opportunities in over-the-air software updates, President Mark Reuss told Reuters on Tuesday. GM, which controls about 70% of the large sport utility market in North America with six models, unveiled the redesigned Chevrolet Tahoe and Suburban, the first of a new generation of large SUVs whose profits will help fund development of electric vehicles that the automaker promises for the future. The 2021 Chevrolet Tahoe, revealed at the arena where the Detroit Red Wings hockey team plays in downtown Detroit, is 6.7 inches longer than the current Tahoe and can carry as much as 122.9 cubic feet of cargo.
(Bloomberg Opinion) -- With the economy continuing to defy predictions of recession, the Federal Reserve has good reason to take a victory lap at this week’s policy meeting. The latest jobs report adds to the evidence that after a rocky end to last year, the central bank’s dovish pivot positioned the economy to achieve the fabled “soft landing.”Last December, the Fed hiked rates for the fourth time in 2018 despite very obvious turmoil in financial markets and growing signs of decelerating economic activity. If the rate hike itself was, charitably speaking, ill-advised, the accompanying forecasts announcing the expectation of further rate hikes in 2019 were completely out of touch with reality. Fed Chair Jerome Powell, however, quickly pivoted in response to the growing market gloom, saying just a few weeks after the December rate hike that the Fed “will be prepared to adjust policy quickly and flexibly and to use all of our tools to support the economy” as deemed necessary.By now, we know what followed. The Fed — under pressure from weak data, an inverted yield curve, and trade-policy uncertainty — shifted in an increasingly dovish direction throughout the year. The policy shift culminated with a third rate cut in October that sent benchmark rates 75 basis points lower than were they had been a year earlier and, amazingly, 125 basis points below what the Fed had envisioned at the end of last year.Powell has repeatedly said that the central bank’s timely shift toward easier policy helped the economy absorb this year’s negative shocks. Increasingly, it looks like he is right. The yield curve un-inverted, lower interest rates boosted housing, the consumer held strong, and, if you fancy the Markit PMI indicator, there are even signs that the beleaguered manufacturing sector is stabilizing. By all appearances, central bankers seem to have managed the trick of guiding the economy into a soft landing. If conditions hold, the current episode will look very similar to the Fed-directed soft landing in 1995The November employment report further supports the soft-landing hypothesis. Although the headline gain of 266,000 employees received a boost from 41,000 autoworkers returning from the strike at General Motors Co., this just mirrored a loss of autoworkers the previous month. The average job gain over the past three months is an undeniably healthy 205,000.That job growth, combined with wage growth greater than 3% over the past year, will provide continued support for consumer spending. Lost in the excitement over Friday’s employment report was the University of Michigan’s preliminary release of its monthly gauge of consumer sentiment, which climbed to a seven-month high in December. Buying conditions for household durables and vehicles were both higher. Reports of the demise of the American consumer still look premature.With the economy apparently on firmer footing, the Fed has the go-ahead to take a pause, following through with their October decision to hold rates steady absent a material change in the outlook. I don’t anticipate much if any change in the guidance.Policy makers aren’t inclined to cut rates again barring a fresh downturn in activity; clearly, an upswing will take a rate cut off the table entirely. As for the prospect of reversing the rate cuts, the Fed isn’t ready to go there, either. Not only do central bankers remain wary of potential downside risk, they also have yet to achieve sustained inflation at their 2% target rate. (Note, along with rising consumer sentiment, the University of Michigan report also revealed that long-term inflation expectations fell back to their historical low). Powell will likely emphasize this point in the post-meeting press conference.I guess, then, if we have to put a label on this meeting, it would be “dovish hold.” The Fed may be optimistic about the economy, but Powell and his colleagues don’t want to undermine their efforts this year with a premature pivot back to rate hikes. This will keep them standing pat. Having killed last year’s recession calls, the Fed can enjoy a well-deserved break.To contact the author of this story: Tim Duy at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Duy is a professor of practice and senior director of the Oregon Economic Forum at the University of Oregon and the author of Tim Duy's Fed Watch.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- General Motors Co. loaned the buyer of its half-century-old assembly plant in Ohio $40 million to help the cash-strapped startup roll out an electric pickup truck.The transaction to support Lordstown Motors Corp. and its debut model, called Endurance, is essentially a mortgage, Jim Cain, a GM spokesman, said by email. He declined to give the terms of the loan.The financing GM provided covers Lordstown Motors’s purchase of the former GM complex in Lordstown, Ohio, and some initial startup costs, the Business Journal reported Monday, citing legal documents filed late last week. The publication, based in nearby Youngstown, said the factory and adjoining land sold for $20 million earlier this month, citing records from the Trumbull County auditor.GM has the option to repurchase the plant in the next six months, as well as the option to lease 500,000 square feet of property and another 400,000 square feet of land, the Business Journal reported, citing a memorandum filed with the recorder’s office.End of EraGM announced Lordstown Motors had acquired the complex last month, seemingly ending an era that began when GM opened it in 1966. The United Auto Workers union was unable to convince GM to keep the factory in the fold when negotiating a new labor contact ratified in late October.Earlier this month, GM and its battery partner, South Korea’s LG Chem Ltd., said they will jointly invest $2.3 billion in a new electric-vehicle battery factory in Lordstown. The two companies plan to hire 1,100 workers, about the same number that were laid off when GM idled the Lordstown plant that used to assemble Chevrolet Cruze compact cars.The Lordstown assembly factory has been a political lightning rod since GM announced over a year ago that it wouldn’t allocate future product to it. U.S. President Donald Trump, who a year earlier went so far as to discourage rally-goers from selling their homes in the area because of all the jobs he would bring back, praised GM for selling the plant after months of criticizing the company and Chief Executive Officer Mary Barra. Democrats have called the factory a symbol of unfulfilled promises Trump made to voters in a key battleground state.To contact the reporter on this story: David Welch in Southfield at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, Kevin Miller, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Russia's biggest automaker Avtovaz said on Monday it would buy out General Motors from their joint venture producing vehicles in Russia under the Chevrolet brand, effectively ending GM's presence in car assembling in the country. Russia's car market was among Europe's top performers before the imposition of western sanctions in 2014 which, coupled with falling oil prices, sharply weakened the rouble, increased the cost of buying a car and curbed Russians' ability to buy new vehicles. As a result, foreign carmakers started to rethink their strategies of doing business in Russia.
(Bloomberg) -- Chris Ballinger came away from a year of crunching numbers at Toyota Motor Corp.’s Silicon Valley skunkworks convinced that his dream of automotive automation was no more fanciful than his bosses’ ambition to make a vehicle that can drive itself.So the former derivatives trader who spent 14 months as finance chief at Toyota’s innovation hub launched a non-profit that aims to turn cars into rolling wallets able to autonomously make and receive payments in a virtual currency. Drivers would earn small sums for sharing data on everything from traffic congestion to weather and be debited for infrastructure use and contribution to pollution.‘’Everyone focusing on autonomous vehicles thinks they’ll be able to drink cognac in the back, but machines will do many other things autonomously before they can surmount a problem of driving around somewhere like Bangalore or in particularly bad weather,” said Ballinger, a 62-year-old resident of Los Angeles, where he runs his Mobility Open Blockchain Initiative. “It’s a very hard engineering problem, but setting up machine-to machine payments is comparatively very simple.”Simple is a relative word. The vision is as futuristic as it is ambitious. It depends on a myriad of technological advancements, not to mention regulatory change and cooperation among traditional rivals. While cars already have ever more computing power, changing long-held views on infrastructure funding, vehicle ownership and even the nature of money could prove insurmountable. And then there’s the law of unintended consequences.“When tech is applied to cities and transportation by smart people who understand tech but don’t understand cities, the outcome can actually be bad for cities and create new or bigger problems,’’ says Brent Toderian, former chief city planner in Vancouver. “There’s a danger to boosterism with these kinds of ideas, and a need to be cautious and critical in a way that tech folks often aren’t.’’ As an example, he said new technology could lead to more driving, reducing any positive environmental impact such advances were supposed to deliver.Whatever the challenges, the mobility sector is -- in industry jargon -- a burning platform, meaning urgent change is required to head off obsolescence. While artificial intelligence and blockchain could make Ballinger’s vision possible, the dominance of a small club of Silicon Valley heavyweights means automakers risk being left behind in the digital age, said Jamie Burke, an adviser to MOBI and founder of Outlier Ventures, which invests in companies developing such technologies.Facebook Inc.’s Libra stablecoin, a global currency that social networking behemoth is developing, is like gasoline on the burning platform he said.“We don’t have the luxury of tinkering around anymore, we need to get our acts together to accelerate action toward what is moving already,” said Ballinger. “Everybody is asking should every market have its own token and do we need to have one?”Ballinger co-founded MOBI last year with the likes of BMW AG and Ford Motor Co among its founding members. The consortium, which now has about 90 members from International Business Machines Corp. to Honda Motor Co., is exploring how blockchain and related technologies can contribute to a safer and more efficient transport system, while also reducing congestion and pollution.The first blockchain — a public ledger -- was created to track Bitcoin transactions, and the technology has since been adopted far beyond the realm of cryptocurrencies for everything from enabling international payments to verifying products in a supply chain. The digital currency universe has also expanded rapidly in the past decade, with low-volatility digital tokens known as stablecoins among the fastest growing sub sectors.For the vision to materialize, city infrastructure will have to be equipped to communicate with vehicles. Smart cities, urban metropolises pulsating with sensors and powered by artificial intelligence, are on the drawing board. Alphabet Inc.’s urban innovation unit Sidewalk Labs LLC is working on creating a “city of the future” on Toronto’s waterfront.The building blocks exist, making the bigger challenge getting the various technologies and devices to communicate, according to Maria Minaricova, head of business development at Fetch.ai, a Cambridge, U.K.-based company focused on AI, blockchain and internet of things technologies that is also a member of the MOBI consortium.“There are already so many sensors -- cars have sensors, so do traffic lights and cameras, and so on -- but they’re currently disconnected and what’s also missing is interoperability,” said Minaricova. “Historically if you produced somethingm, you would keep it on your platform and it could only communicate with your devices, but the new generation will need to open this up so all devices can speak to each other.”MOBI is now working with BMW, Ford, Honda, General Motors Co. and Renault SA to develop a trusted digital identity for vehicles as a first step toward enabling a mobility payments network. Last month MOBI hosted a gathering of industry executives in Los Angeles to discuss how such a payments system might work.MOBI could develop an industry stablecoin, as low volatility virtual currencies are known, or use an existing coin to make and receive micropayments on a blockchain network, says Ballinger. The project would not only change how vehicles and cities interact but could also provide a real world use case for digital currencies beyond speculation.“Everyone is excited by the promise of technology and waiting for the first killer app, for what will be to digital currencies what email is to the internet,” he says. “That is, where does it get used in a way that consumers find it adds value compared to existing payment systems, and we think mobility and machine-to-machine payments are likely to be one such area because we have big issues with funding public infrastructure and charging for congestion and carbon.”To contact the author of this story: Alastair Marsh in London at firstname.lastname@example.orgTo contact the editor responsible for this story: James Hertling at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.U.S. job gains roared back in November as unemployment matched a half-century low and wages topped estimates, giving the Federal Reserve more reason to hold interest rates steady after three straight cuts.Payrolls jumped 266,000, the most since January, after an upwardly revised 156,000 advance the prior month, according to a Labor Department release Friday that topped all estimates in a Bloomberg survey calling for 180,000 jobs. It was the first full month that General Motors Co. workers returned to work after a 40-day strike, adding 41,300 to automaker payrolls following a similar drop the prior month.Stocks in the U.S. climbed on the report and headed for their best gain in a month, while Treasuries fell and the dollar rose.The jobless rate dipped to 3.5%, matching the lowest since 1969. Average hourly earnings climbed 3.1% from a year earlier, exceeding projections, and the prior month was revised higher. Private employment jumped by 254,000.The data back the Fed’s view that the labor market remains strong, supporting consumers and continued economic growth. That may give the central bank more room to keep interest rates on hold at their meeting next week amid the uncertainty of President Donald Trump’s prolonged trade talks with China. Wage gains should also support holiday shopping and ease concerns about a slowdown.“It’s a significant surprise because economists were ready to go with the idea that payroll growth was slowing down because the job market had gotten tight,” said Stephen Stanley, chief economist at Amherst Pierpont. “The whole tenor has changed in terms of job growth. We’re back at steady-as-she-goes at a robust pace.”A separate report Friday showed consumer sentiment rose to a seven-month high and buying attitudes for household durables improved, adding to economic cheer as the holiday shopping season gets under way.Larry Kudlow, Trump’s top economic adviser, said in a Bloomberg Television interview that “despite a certain amount of pessimism, the economy is outperforming expectations, economic policies from the president are working.” Revisions added 41,000 jobs for the prior two months, bringing the three-month average to a 10-month high of 205,000.The report adds to recent data pointing to an economy holding up amid headwinds. Jobless claims remain near a half-century low, service-sector activity is expanding and consumer sentiment is within reach of the best levels of the expansion.What Bloomberg’s Economists Say“Bloomberg Economics is lowering its projection of the 2020 year-end unemployment rate to 3.3% from 3.4%. Hiring momentum continues to surpass the growth rate of the labor force, which is closer to 100,000-125,000 per month. On Nov. 3, 2020, as voters head to the polls, they will be facing the lowest election day unemployment rate since Dwight Eisenhower won his first term as president in 1952.”--Carl Riccadonna and Yelena Shulyatyeva. To see the full note, click hereManufacturers rebounded, adding 54,000 jobs after a 43,000 drop the prior month, mostly reflecting GM workers returning to work. Despite the boost, factories have faltered amid weak global demand and U.S.-China trade tensions curbing business expansion plans.Job gains were broad-based across industries, led by a 206,000 gain for private service providers that was the best since January.Fed Chairman Jerome Powell and other policy makers have said the labor market remains strong enough to maintain a stable economy. That’s contributed to expectations the central bank will hold rates through the end of 2021.The participation rate, or share of working-age people in the labor force, fell to 63.2% from a six-year high of 63.3% the prior month.The U-6, or underemployment rate, fell to 6.9%, matching the lowest level since 2000, from 7%; some analysts see this as a more accurate reflection of the labor market as it includes part-time workers who’d prefer a full-time position and those who aren’t actively looking.(Updates with consumer sentiment in seventh paragraph, Kudlow comment in eighth paragraph. An earlier version corrected the prior month’s figure in second paragraph to 156,000 from 128,000.)\--With assistance from Chris Middleton, Sophie Caronello, Alister Bull, Ana Monteiro and Reade Pickert.To contact the reporter on this story: Katia Dmitrieva in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Scott Lanman at email@example.com, Jeff KearnsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Stocks jumped Friday after the Labor Department’s November jobs report handily topped expectations. Treasury yields rose and gold prices sharply declined, as the latest sign of strength in the U.S. economy spurred risk-on trades.
U.S. stock index futures jumped on Friday, after data showed domestic job growth rose by the most in 10 months in November, adding to an upbeat mood after President Donald Trump said the trade talks with China were "moving right along". Moments before the data, Dow e-minis were up 55 points, or 0.2%.
U.S. job growth increased by the most in 10 months in November as the healthcare industry boosted hiring and production workers at General Motors returned to work after a strike, the strongest sign yet the economy is in no danger of stalling. The unemployment rate ticked back down to its lowest level in nearly half a century and wage gains remained near their strongest in a decade, the Labor Department's closely watched monthly employment report showed on Friday. The numbers suggest consumers will keep the longest economic expansion in history, now in its 11th year, chugging along into next year when Americans will decide whether to re-elect President Donald Trump.
U.S. job growth increased by the most in 10 months in November as the healthcare industry boosted hiring and production workers at General Motors returned to work after a strike, the strongest sign yet the economy is in no danger of stalling. The unemployment rate ticked back down to its lowest level in nearly half a century and wage gains remained near their strongest in a decade, the Labor Department's closely watched monthly employment report showed on Friday. The U.S. central bank cut rates three times this year, starting in July when it reduced borrowing costs for the first time since 2008.
Investing.com -- It's payrolls day, and hiring in the U.S. economy is expected to have rebounded in November from October's dip due to the end of the strike at General Motors (NYSE:GM). Elsewhere, OPEC and its allies are set to sign off on a largely symbolic cut in output through March 2021, while Saudi Aramco is now the world's most valuable company after completing its $25.6 billion IPO. Here's what you need to know in financial markets on Friday, 6th December.
U.S. job growth likely accelerated in November as former striking workers returned to General Motors' payrolls, which would confirm that the economy remained on a moderate expansion path despite a prolonged manufacturing slump. The Labor Department's closely watched monthly employment report on Friday is also expected to show steady wage gains and the unemployment rate holding near a 50-year low.
(Bloomberg) -- Economists project nonfarm payrolls climbed by about 183,000 last month, one of the highest estimates this year ahead of a jobs report, while unemployment remained near a half-century low and wage gains stayed solid.Such a figure in Friday’s Labor Department data would reflect a temporary boost from General Motors Co. autoworkers returning from a strike. While gains have broadly moderated from last year’s robust pace, the labor market still isn’t close to signaling recession, a fear that confronted investors earlier this year but has since faded. The data will be released at 8:30 a.m. in Washington.Estimates in Bloomberg’s survey range from 70,000 to 237,000, while the median projection for private payrolls growth is 179,000. The report is expected to show the jobless rate held at 3.6% for a second month while average hourly earnings climbed 0.3% on the month and 3% from year earlier.Read more: Job-Market Strength Gives Trump, Fed a Rare Chance to Be PatientManufacturing payrolls, which tumbled in October by 36,000, the most in a decade, amid the GM strike, are projected to make up lost ground with a 40,000 increase for last month.Here’s what economists are saying, with payroll projections listed from low to high:Goldman Sachs180,000 jobs, 3.6% unemployment, 3.1% annual wage growth“The tight labor market may have pulled forward hiring or reduced layoff activity,” Spencer Hill wrote in a report. “However, temporary factors including the late Thanksgiving holiday and snowstorms in the Midwest will likely weigh on” the job numbers.Morgan Stanley180,000 jobs, 3.5% unemployment, 3.1% annual wage growth“We expect the November payrolls report will show continued solid job growth,” economists led by Ellen Zentner wrote. “Headwinds to our November forecast come from weather, slightly higher jobless claims during the survey week, and mild consumer confidence.”Citigroup 183,000 jobs, 3.6% unemployment, 3.1% annual wage growth“We expect details of the employment report to show continued strength in service-industry employment,” Veronica Clark and Andrew Hollenhorst wrote. “While we expect an overall solid November employment report, markets are now pricing a scenario more in line with our fairly optimistic base case. This implies that market risks tilt to the downside with a stronger reaction to a negative than to a positive surprise.”Wells Fargo190,000 jobs, 3.6% unemployment, 3% annual wage growth“While we look for hiring to finish the year slower than last year, job gains should remain above what is estimated to be necessary to hold the unemployment rate steady,” the firm’s economists wrote. “There were five full weeks, compared to four, between the October and November payroll surveys, which traditionally results in stronger wage growth. These calendar considerations alongside the return of highly-paid GM workers should underpin earnings growth in November.”Bloomberg Economics205,000 jobs, 3.5% unemployment, 3% annual wage growth“Slowing growth is already taking a toll on the pace of hiring,” economists Carl Riccadonna and Yelena Shulyatyeva wrote in a report. “The six-month trailing average of nonfarm payrolls slipped to 156,000 in October compared to 234,000 in January. While slower job creation will weigh on household income generation, a tight labor market will mute the impact by averting a material deceleration in wage pressures.”\--With assistance from Sophie Caronello and Chris Middleton.To contact the reporter on this story: Jeff Kearns in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Scott Lanman at email@example.com, Sarah McGregorFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
General Motors Co and South Korea's LG Chem said on Thursday they will invest $2.3 billion to build an electric vehicle battery cell joint venture plant in Ohio, creating one of the world's largest battery facilities. The plant, to be built near GM's closed assembly plant in Lordstown in northeast Ohio, will employ more than 1,100 people, the companies said.
(Bloomberg) -- More than 100,000 trips have been taken in robotaxis operated by Waymo, the self-driving car unit of Alphabet Inc. Now the service is expanding to iPhone users.On the first anniversary of its pilot program in Chandler, Arizona, Waymo said it will begin offering an iOS app for its robot ride-hailing service for iPhones. It also revealed new details of the pioneering robotaxi service, which has been slow to offer fully autonomous service without human “safety drivers” behind the wheel to take over in an emergency.Waymo, which began a decade ago as Google’s self-driving car project, said its service has 1,500 monthly users and has tripled the number of weekly rides since January. Since late summer, Waymo has ramped up a “rider only” option without human safety drivers to a test group of a few hundred commuters. While those people weren’t always charged initially, they are now paying rates that are competitive with Uber and Lyft ride-hailing services, according to a Waymo spokeswoman.Most Waymo rides occur in the late afternoon and evening, with commuters using the service for everything from getting to work to having a “date night,” Dan Chu, the company’s chief product officer, wrote in a blog post.The service is expanding and will add more riders who will join a wait list by using the new iOS app. The service has been available on Android phones since the spring.Still, John Krafcik, Waymo’s chief executive officer, told reporters in October he is unsure when commercial robotaxis will take off. General Motors Co. has delayed the rollout of its service and Ford Motor Co.’s CEO has said the industry overestimated the arrival of self-driving cars.“It’s an extremely challenging thing to do,” Krafcik told reporters at a dinner in Detroit. “I do share your sense of uncertainty, even in my role. I don’t know precisely when everything is going to be ready, but I know I am supremely confident that it will be.”(Updates with comment from company spokeswoman in third paragraph.)To contact the reporter on this story: Keith Naughton in Southfield, Michigan at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in October, suggesting trade could contribute to economic growth in the fourth quarter, though a broad decline in imports hinted at a slowdown in domestic demand. The Commerce Department said the trade deficit tumbled 7.6% to $47.2 billion, the smallest since May 2018, as both imports and exports of goods declined. The decreases in imports and exports suggested the White House's "America First" agenda, marked by a 17-month trade war with China, was reducing trade flows, which in the long run is detrimental to domestic and global growth.
General Motors revealed even bigger SUVs on Tuesday (December 11) that it says will help pay for an electric future. The 2021 Chevrolet Suburban is a longer version of the familiar design...adding over an inch to make it one of the longest passenger vehicles on the market. It shares boomerang-shaped lights with the new Tahoe, which was also unveiled. And - the digital electronics inside are all new. Like Tesla, GM hopes to use new 'over-the-air' wireless software updates to make money or fix problems at a low cost. The company hopes the new models will help fund the development of electric vehicles. Big SUVs are profitable with margins as high as 30 percent. GM controls more than two-thirds of the market for large SUVs in North America. And their Arlington, Texas factory is running 24 hours a day to keep up with demand. With fuel economy rules from President Obama's era, automakers are encouraged to make SUVs even bigger. Cars with a larger 'footprint' have easier CO2 targets to meet. President Donald Turmp says he wants to ease these standards, but he hasn't released a final plan. GM has sided with Trump in a dispute with California, a state that's sued to maintain the stronger Obama standards.